Researchers from Harvard University estimate that soda consumption could fall as much 20% in select California cities if a soda tax is passed on November 8. The same study predicted a 4% drop in diabetes cases as a result of soda taxation.

California voters in San Francisco, Albany and Oakland are voting on the tax, as well as voters in Boulder, Colorado. The issue is also going in front of the Cook County Commission (Chicagoland) soon for a decision over what's openly being called a political money grab.

The beverage industry had a very strong record of turning back soda tax initiatives, but saw a setback when the Philadelphia City Council approved a $0.015-per-ounce soda tax last June.

Cott Corporation (NYSE:COT) announced that it closed its previously announced acquisition of coffee roaster S&D Coffee.

The company says the acquisition broadens the distribution platform of Cott's existing DS Services coffee business in the United States by adding a leading scale platform with in-house roasting, grinding and blending capabilities alongside a national distribution system.

The deal is expected to be accretive to cash flow from operations and adjusted free cash flow in its first full year and provide a cash-on-cash IRR above its cost of equity.

S&D is a premium coffee roaster and provider of customized coffee, tea, and extract solutions to the foodservice, convenience, gas, hospitality and office segments in the U.S.

"The addition of S&D brings our Better for You beverage platform to over 65% of our adjusted EBITDA on a pro forma basis with carbonated soft drinks representing just 12% of adjusted EBITDA," notes CEO Jerry Fowden.

On a broader level, Cott says the acquisition of S&D is in line with Cott's strategy of focusing on acquiring cash accretive businesses with higher growth while continuing Cott's beverage diversification outside of carbonated soft drinks, shelf stable juices and large format retail.

Cott Corporation (NYSE:COT) announces that it has entered into an agreement to sell 13.12M common shares to a syndicate of underwriters led by CIBC Capital Markets at a price of $15.25 per share.

Cott has also granted the underwriters an option to purchase up to 1.968M additional common shares on the same terms and conditions.

Cott will use a portion of the net proceeds of the offering to repay the borrowings under its asset based lending facility. The remainder of the net proceeds will be used by the company to finance potential acquisitions and for general corporate purposes.